Monaco’s Financial Institutions Face New Compliance Training Requirements
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The Principality of Monaco has recently introduced a mandatory certification program for employees working in its financial institutions. The Banking, Financial, and ESG Professional Certification aims to enhance the skills of banking professionals and maintain the sector’s reputation for excellence.
Background
In 2014, the Principality launched the Banking, Financial, and ESG Professional Certification program. This initiative is designed to ensure that employees working in Monaco’s financial institutions possess the necessary knowledge and skills to operate effectively and maintain the sector’s high standards.
New Requirements
As per Ministerial Order No. 2018-367 of April 30, 2018, all staff members at credit institutions and management companies accredited by the Association Monégasque des Activités Financières (AMAF) are required to undergo this certification program. The training is delivered in collaboration with IUM, Auriga Legal Services, and Intelleval.
Program Structure
The certification program consists of 44 hours of classes spread over 11 half-days, covering two modules:
- Technical aspects: This module covers the technical skills required for banking professionals to perform their duties effectively.
- ESG aspects: This module focuses on Environmental, Social, and Governance (ESG) considerations and their impact on the financial sector.
- Monaco’s regulatory specifics: This module provides an overview of Monaco’s regulatory framework and its application in the financial sector.
- Ethics: This module emphasizes the importance of ethical behavior in the banking industry.
Certification Sessions
The certification program is offered twice a year, with sessions held from September to December and January to April. English-language courses are also available if a minimum of 15 participants is reached.
Confidentiality Certification
In addition to the Banking, Financial, and ESG Professional Certification, IUM has established a Confidentiality Certification program. This program offers continuous updated sessions to educate and train personnel in credit institutions and management companies on professional secrecy, confidentiality, and discretion.
Target Audience
The target audience for the Confidentiality Certification includes all staff members at credit institutions and management companies accredited by AMAF. Registration is facilitated through a dedicated platform where each institution has access.
Certification Details
- The certification is valid for three years.
- It must be renewed thereafter.
How to Enroll
Financial institutions in Monaco can contact IUM directly for more information or to enroll in these certification programs.